Bitcoin Backer Lutnick Confirmed as U.S. Commerce Secretary

Howard Lutnick, a prominent Bitcoin advocate and former CEO of Cantor Fitzgerald, has been confirmed as the U.S. Secretary of Commerce by the Senate in a 51-45 vote. Lutnick's appointment positions him to lead President Donald Trump's trade agenda at the Commerce Department, overseeing 50,000 employees responsible for economic statistics, census operations, and weather reporting.

During his confirmation hearing, Lutnick dismissed concerns about tariffs' inflationary impact, stating that they were "nonsense." He supported implementing broad tariffs "country by country" to pressure nations into reducing barriers to U.S. exports. This comes as Trump announced plans for "reciprocal" tariffs that would match other countries' higher tax rates on U.S. goods. The administration has already imposed 10% tariffs on Chinese imports and raised taxes on foreign steel and aluminum, while threatening 25% tariffs on Canadian and Mexican goods, currently delayed until March 4.

Lutnick has been vocal about his support for Bitcoin and stablecoins. At a Bitcoin conference earlier this year, he stated, "Bitcoin is like gold and should be free trade everywhere. We'll do everything in our power to make it so." In a CNBC podcast last year, he expressed his specific support for Bitcoin and two leading stablecoins, USDT and USDC. Cantor Fitzgerald, the firm Lutnick led, manages Tether's US Treasury holdings backing its USDT stablecoin and recently launched a $2 billion Bitcoin financing operation.

As part of his confirmation, Lutnick has committed to resigning from Cantor and divesting his business holdings to comply with government ethics requirements. His appointment signals a strong commitment to Bitcoin and cryptocurrencies within the Trump administration's trade agenda.